The market has seen a startling 20 rug pulls in the last eight days, totaling over $150,000 in rug volume. The crypto community is concerned and wary following this wave of dishonest actions.
The individuals responsible for these rug pulls have been painstakingly planning one con after another, giving little room for rest or introspection. Within an hour of their release, tokens with catchy and slightly humorous names like FEET, FOOT, GOBLIN PARTY, and UNEMPLOYED were launched and then discontinued.
https://x.com/DataaRocks/status/1710162336856887422?s=20
Rugged has not yet been a feature of this doubtful developer’s most recent asset. However, its trade habits are the same as those of its forebears. While the early tokens, such as GOBLIN and FOOT, had a lot of support, this new asset appears to be having trouble. Despite being present, the buy orders are likely coming from the developer or from wallets under his control. Self-buying is a common strategy for creating the appearance of demand and validity.
How do these devs pull off rug pulls with such ease? Sandwich assaults, MEV (Miner Extractable Value) bots, and bribery strategies are the key to the solution. In a sandwich assault, the con artist puts three orders: a purchase, a sell, and a third buy. As a result, the price of the token is artificially inflated, attracting unwary investors. The fraudster sells their tokens once the price is high enough, which causes the price to fall and leaves investors with useless assets.
MEV bots, on the other hand, are designed to locate and seize lucrative market possibilities. Developers can further facilitate their frauds by buying these bots to prioritise their fraudulent transactions.
